Hong Kong -LRB- CNN -RRB- -- The world 's second Bitcoin ATM is due to land in Hong Kong by the end of this month , according to U.S. based software company Robocoin .

The machine , available for sale to individual operators such as banks and private entrepreneurs , allows users to buy or sell Bitcoin in just a few minutes .

The process should be much faster than setting up an account on an exchange or via mobile apps and computers which could take a few days for account verification .

The advent of Bitcoin ATMs is seen as a step towards bringing the digital currency into the real world .

`` It removes all the pain and barriers of entry to buying Bitcoin on an online exchange , '' said Robocoin chief executive Jordan Kelley .

`` Our goal as a company is to make the acquisition truly grandma friendly , '' he added .

The virtual currency has generated lots of media attention in China where investors have helped drive the price up to dramatic highs above $ 1,000 .

`` I think we 're going to unleash the power of Bitcoin . It opens a virtual money portal where people can send money to and from , '' said Kelley .

This is how it works :

Customers must choose to either buy or sell Bitcoin .

Let 's say you want to make a withdrawal from your Bitcoin wallet . After choosing an amount of cash you 'd like to withdraw , the software installed in the ATM generates a code which you have to scan with your smartphone .

Simultaneously , the machine also produces a receipt .

Following a confirmation from the Bitcoin network to your phone , you can then scan the code on the receipt at the kiosk , which then prompts the ATM to spit out the allotted amount of cash .

The machine is also equipped with a hand scanner that creates a biometric authenticated identity as an anti-money laundering measure .

Casper Cheng Tsz Chun , a Hong Kong Bitcoin enthusiast , said the ATM would work a bit like a vending machine `` for buying and selling virtual goods -LRB- Bitcoin -RRB- instead of physical goods like a can of soda . ''

Robocoin 's first Bitcoin ATM launched in Vancouver in October , and after a month of operation , transactions have totaled 1 million Canadian Dollars -LRB- $ 942,000 -RRB- in total transactions , according to the company .

Kelley said the company has already sold 50 ATMs to other operators worldwide but they are not yet in operation .

The company said it chose Hong Kong as the next place to launch its cash machine for the virtual currency because it `` responds well to technological innovation . ''

Kelley declined to disclose where the ATM would be located .

Not every government in Asia is ready for a Bitcoin ATM .

Taiwan 's Financial Supervisory Commission -LRB- FSC -RRB- and Central Bank released a joint statement on their website on Monday stating it does not recognize Bitcoin as an accepted form of currency .

The installation of Robocoin Bitcoin ATMs will be prohibited said Tseng Ming-chung , FSC chairman in an interview with Taiwan 's Central News Agency .

`` Bitcoin is not real currency and banks can not receive or provide it . Installing ATMs require the authorization of the FSC , but it will not be approved , thus it is ` impossible ' for Bitcoin ATMs to enter or appear in Taiwan , '' Central News Agency reported .

The statement also warned institutions against the risk of investing in Bitcoin because of the extremely volatile price .

China 's central bank issued new rules in December that prohibited financial institutions from dealing in the digital currency . While it did not outlaw individuals from owning Bitcoin , it specifies that it is not to be considered a currency .

Despite the setback , Robocoin 's chief executive said he still firmly believes China will come to accept Bitcoin .

`` Citizens around the world love Bitcoin . The Chinese are very pragmatic in their approach , they just want to make sure they have a very good understanding of the market and the usage , '' he said .

Kelley revealed that Robocoin has begun talks with several operators in China that are reaching out to the government and local regulators to `` educate '' them about the value and potential of the Bitcoin market .

CNN 's Charles Riley contributed to this story .

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World 's second Bitcoin ATM to open in Hong Kong by the end of January

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Customers can buy or sell Bitcoin from the machine in just a few minutes

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Company CEO : `` I think we 're going to unleash the power of Bitcoin ''

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However , not all Asian governments recognize Bitcoin as a real currency